This would means it is cheaper than basic models of its rival consoles.

“In the UK this would put the Switch firmly in line with the entry level prices for the Xbox One and PS4 which seems wise if their device is going to be in any way less powerful than the current systems on the market,” the website wrote.

A beefed up Switch package including more internal storage and a bundled game is expected to cost £249.99.

The prices are expected to be the same in dollars, meaning Americans can snap up a Switch for as little as $199.99.

The console, named Nintendo Switch, will be the company’s first since the under-performing Wii U was launched back in 2012.

But when is the Switch due out and what can we expect? Here’s all we know…

What do we know about the Switch console?

Nintendo had promised a “brand-new concept” and in that respect they haven’t disappointed.

The console is actually a tablet with a 6-inch screen and two detachable controllers. These can either be used together or by two players for multiplayer games.

The tablet can be docked in a base station for use on a TV like a traditional home console.

Oh yes, and games come on cartridges, like the classic Nintendo NES and SNES.

What games are coming?

The teaser trailer shows clips of Legend of Zelda: Breath of the Wild, a new Mario Kart game, The Elder Scrolls V: Skyrim Special Edition, NBA 2K17 and what appears to be a new 3D Mario title. There should be more details over coming days.